First US$340 million project under the Great Lakes Regional InitiativeWASHINGTON, August 6, 2013 – The World Bank’s Board of Executive Directors today approved US$340 million for the Regional Rusumo Falls... Show More + Hydroelectric Project which aims to benefit people in Burundi, Rwanda and Tanzania. This project is the first operation under the World Bank Group Great Lakes Regional Initiative inaugurated by World Bank Group President Jim Yong Kim during his historic joint visit with UN Secretary General Ban Ki-moon in May 2013.The overall project cost is US$468.60 million and its eventual 80 megawatt generation capacity will boost reliable power supply to the electricity grids of Burundi, Rwanda and Tanzania, reduce electricity costs, promote renewable power, spur job-led economic development and pave the way for more dynamic regional cooperation, peace and stability among the countries of the Nile Equatorial Lakes (NEL) sub-region in east Africa.The World Bank financing of a total US$340 mi Show Less -

WASHINGTON DC, July 3, 2012 — New data showing a two-billion cubic meter increase in flared gas in 2011 over the previous year is a warning that efforts to reduce flaring need to be sustained and even... Show More + scaled up, said officials with the World Bank-led Global Gas Flaring Reduction partnership (GGFR).The slight increase in flaring from 138 billion cubic meters in 2010 to 140 bcm in 2011, revealed in latest satellite data, is due largely to increased hydrocarbon production in Russia and shale oil and gas operations in the US state of North Dakota. While not significant when viewed against the longer-term 20% drop in flaring since 2005 — from 172 to 140 bcm — the new increase is a warning sign, World Bank officials said. Gas flaring reductions since 2005 have cut greenhouse gas emissions by a volume equivalent to that emitted by some 16 million cars.“The small increase underlines the importance for countries and companies to sustain and even accelerate efforts to reduce flaring of gas Show Less -

World Bank releases State and Trends of the Carbon Market report 2012COLOGNE, GERMANY, May 30, 2012 – The total value of the carbon market grew by 11 percent in 2011, to $176 billion, and transaction volumes... Show More + reached a new high of 10.3 billion tons of carbon dioxide equivalent (CO2e) according to a new report from the World Bank. According to State and Trends of the Carbon Market 2012 this growth took place in the face of economic turbulence, growing long-term oversupply in the EU Emissions Trading Scheme (EU ETS) and plummeting carbon prices. The report, released here at the Carbon Expo in Cologne, describes how even as prices declined, the value of the global carbon market increased in 2011, driven predominantly by a robust growth in financially motivated transactions. By far, the largest segment of the carbon market was that of EU Allowances (EUAs), valued at $148 billion. There was also a substantial increase in the volume of secondary Kyoto offsets (which grew by 43 perce Show Less -

Washington, April 16, 2012 — World Bank Group President Robert B. Zoellick today congratulated Dr. Jim Yong Kim for being chosen to become the 12th president of the development institution and offered... Show More + his support in ensuring a successful handover for July 1. “I am pleased to work with Jim Yong Kim during the transition. He is an impressive and accomplished individual. Jim has seen poverty and vulnerability first-hand, through his impressive work in developing countries. His innovations in health-care have helped to save numerous lives. As President at Dartmouth College, Jim has had to take tough managerial and financial decisions while running a large, multidisciplinary organization. His rigorous, science-based drive for results will be invaluable for the World Bank Group as it modernizes to better serve client countries in overcoming poverty.” Show Less -

WASHINGTON, April 16, 2012 - Dr. Jim Yong Kim today released a statement in response to his selection by the World Bank's Executive Directors as 12th President of the World Bank: “I am honored to... Show More + accept the Executive Directors’ decision to select me as the next President of the World Bank Group. I am delighted to succeed Robert Zoellick, who has served with excellence and distinction during the last five years, and I am grateful to the Bank’s member countries for the broad support I have received. I have spoken with Minister Okonjo-Iweala and Professor Ocampo. They have both made important contributions to economic development, and I look forward to drawing on their expertise in the years to come. It is befitting that I conclude my global listening tour in Peru. It was here in the shantytowns of Lima that I learned how injustice and indignity may conspire to destroy the lives and hopes of the poor. It was here that I saw how communities struggle to prosper bec Show Less -

WASHINGTON, April 16, 2012 - The Executive Directors met today to select a new President of the World Bank Group. The Board expressed its deep gratitude for Mr. Robert B. Zoellick’s outstanding leadership... Show More + and his dedication to reducing poverty in its member countries, the core mandate of the World Bank Group. The Executive Directors followed the new selection process agreed in 2011 which, for the first time in the Bank’s history, yielded multiple nominees. This process included an open nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor, publication of the names of the candidates, interviews of the candidates by the Executive Directors, and final selection of the President. The Executive Directors selected Dr. Jim Yong Kim as President for a five-year term beginning on July 1, 2012. The President is Chair of the Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and the Internation Show Less -

Washington, March 20, 2012 – Every two seconds, an area of forest the size of a football field is clear-cut by illegal loggers around the globe. A new World Bank report released today shows how countries... Show More + can effectively fight illegal logging through the criminal justice system, punish organized crime, and trace and confiscate illegal logging profits. The report, Justice for Forests: Improving Criminal Justice Efforts to Combat Illegal Logging, affirms that to be effective, law enforcement needs to look past low-level criminals and look at where the profits from illegal logging go. By following the money trail, and using tools developed in more than 170 countries to go after ‘dirty money,’ criminal justice can pursue criminal organizations engaged in large-scale illegal logging and confiscate ill-gotten gains. The World Bank estimates that illegal logging in some countries accounts for as much as 90 percent of all logging and generates approximately US$10–15 bi Show Less -

World Bank and partners help smallholder farmers increase productivity and revenue WASHINGTON, January 30, 2012 – A new methodology to encourage smallholder farmers in Kenya – and potentially... Show More + worldwide -- to adopt improved farming techniques, boost productivity, increase their resilience to climate change, and earn carbon credits, has been given international approval.The Verified Carbon Standard approved this first methodology on soil carbon, a new approach for sustainable agricultural land management (SALM) practices. The methodology was developed by the World Bank for the Smallholder Agriculture Carbon Finance Project run by the non-governmental organization Vi Agroforestry in western Kenya. The pilot, involving more than 60,000 smallholders who are farming 45,000 hectares of land, is run together with smallholder farmers and supported by the World Bank’s BioCarbon Fund.Farmers in western Kenya experience the dire effects of climate change first hand every day, through dro Show Less -